Major stock markets in the Gulf were mixed in early trade on Monday ahead of major US and Chinese economic data, which are awaited for updates on global growth prospects.
Key for the Federal Reserve will be US consumer prices on Wednesday, where economists look for rises of 0.2% in both the headline and core rates, with the annual core rate slowing a tick to 3.2%.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions, as most regional currencies are pegged to the US dollar.
Saudi Arabia’s benchmark index dropped 0.2%, with the country’s biggest lender Saudi National Bank losing 1.8% and Al Rajhi Bank declining 0.4%.
Saudi crude oil exports to China are set to fall in September to about 43 million barrels, several trade sources said on Monday, citing monthly allocations for term buyers.
Slowing oil demand growth in China is one of the key factors that have been capping global oil prices.
Ex-dividend, poor earnings weigh on Dubai; Abu Dhabi slightly higher
China issues figures on retail sales and industrial production on Thursday, which are expected to show the economy continuing to underperform, underlining the need for more stimulus.
In Qatar, the index edged 0.1% higher, with Qatar National Bank rising 0.5%. Dubai’s main share index gained 0.3%, with top lender Emirates NBD rising 1.3%.
The Abu Dhbai index eased 0.2%, hit by a 1.2% drop in conglomerate International Holding.
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